BRICS Finance Ministers Meeting held on September 22, 2011, in Washington DC, United States.

Background and Context

The BRICS group, consisting of Brazil, Russia, India, China, and South Africa, had been gaining prominence in global economic discussions. This particular meeting took place against the backdrop of:

1. The ongoing effects of the 2008 global financial crisis
2. Concerns about sovereign debt issues in Europe
3. Slow economic recovery in developed countries
4. Relatively robust growth in emerging markets

Meeting Details

Participants
– Brazil: Guido Mantega (Finance Minister)
– Russia: Anton Siluanov (Acting Finance Minister)
– India: Pranab Mukherjee (Finance Minister)
– China: Xie Xuren (Finance Minister)
– South Africa: Pravin Gordhan (Finance Minister)

Central Bank Governors from these countries were also present, though specific names would need verification.

Agenda and Discussions

While the exact agenda is not publicly available, based on similar meetings and the economic context, likely topics included:

1. Global economic situation and recovery strategies
2. Reform of the international monetary system
3. Enhancing cooperation among BRICS nations
4. Potential for intra-BRICS trade in local currencies
5. Strategies to deal with volatile capital flows
6. Representation of emerging economies in global financial institutions

Outcomes

The specific outcomes of this meeting are not widely documented, but generally, such meetings result in:

1. Joint statements on global economic issues
2. Agreements on common positions for upcoming G20 meetings
3. Initiatives for increased economic cooperation among BRICS nations

Broader Context

Associated Events

This meeting was likely held in conjunction with:

1. The Annual Meetings of the International Monetary Fund (IMF) and World Bank Group
2. G20 Finance Ministers and Central Bank Governors Meeting

Significance

1. The meeting demonstrated the growing influence of emerging economies in global financial discussions.
2. It provided a platform for BRICS countries to coordinate their positions on key economic issues.
3. The timing, amidst global economic uncertainty, highlighted the role of BRICS in contributing to global economic stability.

Indian Perspective

1. Pranab Mukherjee, then Finance Minister of India, played a key role in the discussions.
2. His five-day US visit encompassed multiple high-level meetings, indicating India’s active engagement in global economic forums.
3. The press conference following the BRICS meeting, which Mukherjee attended, likely addressed India’s stance on various global economic issues and BRICS cooperation.

Aftermath

While specific follow-ups to this particular meeting are not well-documented, it’s worth noting that BRICS cooperation continued to evolve, leading to initiatives such as:

1. The establishment of the New Development Bank (NDB) in 2014
2. The creation of the Contingent Reserve Arrangement (CRA) in 2015
3. Increased focus on local currency trade among BRICS nations

These meetings played a crucial role in shaping the collective voice of major emerging economies in global financial governance.